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Donna has a $300 loan through the bank she is charged a simple rate The total interest she paid on the loan was $63 As a percentage what was the annual interest rate on her loan

Sagot :

MrRoyal

The annual interest rate is 21%

How to determine the annual interest rate?

The given parameters are

Loan Amount, P = $300

Interest, I = $63

Number of years, T = 1

The annual interest rate is calculated as

I = PRT

Substitute the known values in the above equation

63 = 300 * R * 1

Evaluate the product

300R = 63

Divide through by 300

R = 21%

Hence, the annual interest rate is 21%

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